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Vice Media Group LLC is reportedly preparing to file for bankruptcy, and it could happen in the coming weeks. The Brooklyn, New York-headquartered has five main business areas, which include Vice.com, Vice News, Vice Studios, Vice TV, and Virtue, and it was once valued at $5.7 billion.
But this year, Vice Media Group struggled to find a buyer. As a result, The New York Times reported that the company is filing for bankruptcy soon. The publication said that people who are familiar with the company’s operations have shared this information.
The company still has hopes of finding a buyer, though, so it can avoid the bankruptcy declaration and filing. There are companies that have already expressed interest in the acquisition of Vice Media.
More than five groups are interested, according to a person with knowledge of the matter, but the chances of any one of them buying the struggling company are getting slimmer as the days pass by. If the bankruptcy filing proceeds, Vice Media’s largest debtholder, which is the Fortress Investment Group, may become the main controller of the company.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice Media told The New York Times earlier this week. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
Vice Media will be business as usual while it tries to find a buyer. Its operations will continue, and an auction to sell the company will also be carried out over a 45-day period.
Deadline reported that the possible bankruptcy filing comes after a chaotic start of its business this year. Vice Media lost its chief executive officer, Nancy Dubuc, who has served the company for five years. The CEO role was taken over by Bruce Dixon and Hozefa Lokhandwala.
The company also saw the exit of its global president of news and entertainment, Jesse Angelo. He left to open his own production company. Lastly, Vice Media went through a series of job cuts while its “Vice News Tonight” signature program was also canceled.
